US tracker manufacturer FTC Solar has entered into a purchase agreement to acquire the remaining 55% stake in steel manufacturer Alpha Steel.
The company was established in 2023 via a joint venture partnership with Thailand-headquartered steel fabricator Taihua New Energy to produce steel components for utility-scale solar projects, including torque tubes, rails and other components. Alpha Steel has a production facility in Houston, Texas.
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The acquisition will be done through a cash consideration of nearly US$2.7 million.
Once the acquisition is completed, FTC Solar will become the sole owner of Alpha Steel, which will give the tracker manufacturer “full control over a key contributor to its domestic content capability and additional profit potential, while ensuring compliance with guidelines included in the One Big Beautiful Bill (OBBB) budget bill.”
Some of the products manufactured by Alpha Steel, including torque tubes and structural fasteners, are eligible for the Section 45X tax credits for advanced manufacturing.
FTC Solar’s acquisition of Alpha Steel is the latest company acquisition from a US solar tracker manufacturer. Since last year, companies such as FTC Solar, Array Technologies and Nextpower—formerly known as Nextracker—have been diversifying their portfolio with the acquisition of other companies.
Third quarter revenue highest since 2023
FTC Solar also released its financial results for the third quarter of 2025, with revenue of US$26 million, above the company’s target range. This represents a 156.8% increase from the same period a year ago and a 30.2% increase from the previous quarter. FTC Solar’s revenue is at its highest levels since Q3 2023, as shown in the chart below.
“Third quarter results came in above the high-end of our guidance ranges on nearly all metrics,” said Yann Brandt, president and CEO of FTC Solar.
Brandt added that the adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) are at their highest levels in five years. Adjusted losses dropped from US$12.2 million in Q3 2024 to US$3.9 million in Q3 2025.
During Q3 2025, FTC Solar signed a 1GW tracker supply agreement with engineering firm Levona Renewables. Shipments of FTC’s Pioneer 1P are expected to begin in early 2026 for the 140MW CT Solar One project in Texas.
On the technological side, the company launched several new products, including a new single-axis tracker model built for extreme wind conditions and an automated 80 degree hail stow angle for its flagship 1P Pioneer tracker.
At the RE+ 2025 event in Las Vegas this September, the company unveiled the 1P Pioneer+ Terrain Following tracker for complex sites to reduce grading, preserve terrain and accelerate construction while maintaining performance.
